MAXVISION(002990) 平安证券·2024-09-02 23:30Investment Rating - The investment rating for the company is "Strong Buy" with an expectation that the stock will outperform the market by more than 20% within the next six months [9]. Core Views - The company has successfully completed the Zhongguancun Comprehensive Bonded Zone project, which is expected to enhance its overseas business and AI capabilities, forming a second growth curve [1][4]. - Despite a decline in revenue and net profit in the first half of 2024, the company is positioned to recover as project verifications progress and overseas market expansion continues [4][8]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 633 million yuan, a year-on-year decrease of 21.26%, and a net profit of 86.9 million yuan, down 31.27% [2][4]. - The revenue breakdown shows that the Smart Port Inspection System generated 494 million yuan (down 30.23%), while Intelligent Transportation and Other segments saw a revenue increase of 47.27% to 135 million yuan [2][4]. - The gross margin for the first half of 2024 was 42.35%, an increase of 1.01 percentage points year-on-year, driven by improved margins in the Smart Port Inspection System [2][4]. Future Projections - Revenue projections for 2024 to 2026 are 1.717 billion yuan, 2.029 billion yuan, and 2.433 billion yuan, respectively, with corresponding net profits of 216 million yuan, 256 million yuan, and 317 million yuan [3][4]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.84 yuan, 1.00 yuan, and 1.24 yuan, respectively, with price-to-earnings (P/E) ratios of 21.4, 18.0, and 14.6 [3][4]. Market Position and Strategy - The company is a leader in the domestic smart port industry and is actively expanding its overseas market presence, particularly in the Middle East, Central Asia, and Africa [4][8]. - The successful completion of several major projects, including customs information systems and AI applications, has solidified the company's industry-leading position [4][8].